ASC 606 becomes mandatory for all public companies at the end of 2017. A few months ago, we noted that a small number of S&P 500 companies reported their intent to adopt the new standard early; a bold move, considering that ASC … Continue reading
Author Archives: Derryck Coleman
Updated Report on Emerging Growth Companies
The PCAOB recently published a new Report on Emerging Growth Companies (EGCs). The EGC filer status was a provision of the Jumpstart Our Business Startups Acts (JOBS Act) of 2012 which was intended to improve access to capital markets for small … Continue reading
Consequences of Yahoo Data Breaches Continue
The implications of Yahoo’s (YHOO) data breaches continue to unravel. Last Wednesday, Yahoo filed its fiscal 2016 Annual Report, in which management made a number of significant disclosures related to the cyber security incidents. In particular, they discussed changes to their agreement to … Continue reading
The Impact of SOX on Financial Restatements
With the hint of deregulation in the D.C. air, some sense the opportunity – or risk, depending on your point of view – that major portions of the landmark Sarbanes-Oxley Act of 2002 (SOX) might be open to some revision. … Continue reading
Data Breaches Have Big Cost for Yahoo in Verizon Deal
Cyber attacks have almost become an expectation of 21st century business. From denials of service and data theft to viruses and ransomware, it seems to be simply a matter of time before a company is assailed. Some experts predict that … Continue reading
Risk of Internal Controls Failures
Companies are required to maintain and assess the effectiveness of Internal Controls over Financial Reporting (ICFR). Accelerated Filers are required to provide an audit report on the effectiveness of ICFR. For Non-Accelerated Filers, only a management assessment is required. The … Continue reading
A Look at Non-GAAP Reporting after New SEC Guidance
Audit Analytics released our latest report, Corporate Implementation of SEC’s Compliance & Disclosure Interpretations Regarding Non-GAAP Financial Measures, at this year’s annual AICPA conference on current SEC and PCAOB developments, held in Washington, D.C. We previously found that 449 of S&P 500 companies (88%) presented at … Continue reading